GST Mop-Up Crosses Rs 1 lakh Crore
The government, however, said the revenues shot up sharply in November due to festival demand in October.
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After two months of negative growth, Goods and Services Tax (GST) revenues saw a notable recovery in November, with the mop-crossing the Rs 1 lakh-crore mark and turning in 6 per cent year-on-year growth to Rs 1.03 lakh crore, government data showed on Sunday.
The government, however, said the revenues shot up sharply in November due to festival demand in October. The GST collections stood at Rs 95,380 crore in October and at Rs 97,637 crore a year ago.
“We have seen a healthy number this month, reflecting a pick-up in consumption and improvement in compliance. Non-intrusive means of tax collection has also helped improve compliance,” official sources said.
Commenting on the latest GST numbers, MS Mani, Partner, Deloitte India, said crossing Rs 1 lakh crore in a festive month after few months of tepid collections would act as a sentiment booster. “It will help in keeping the fiscal deficit under control, hoping that this trend continues in the coming months,” he said
As per data, during November, the GST collections on domestic transactions witnessed a growth of 12 per cent, the highest during the year. “Of gross Rs 1,03,492 crore in November, CGST is Rs 19,592 crore, SGST is Rs 27,144 crore, IGST is Rs 49,028 crore (including Rs 20,948 crore collected on imports) and cess is Rs 7,727 crore (including Rs 869 crore collected on imports),” it added.
The statement further said that November 2019 collection is the third highest monthly collection since the introduction of GST, next only to April 2019 and March 2019 collections. This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore.